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Hong Kong Transport Operations BUSINESS REVIEW HONG KONG TRANSPORT OPERATIONS 99.9% passenger journeys 230.9km on-time route length 11 rail lines 93 stations 5.76 million average weekday patronage in Hong Kong Early review of FAM concluded with all passengers to benefit 38 MTR Corporation Our Aims and Achievements We aim to be the best public transport service provider in Hong Kong, offering safe, reliable and caring service to our customers. At the same time we seek to generate sustainable returns, thereby enabling us to make the investments required to maintain high levels of service and meet customers’ present and future needs. These involve replacing and upgrading our existing railway assets as well as investing in new railway lines. Together, they form “Rail Gen 2.0”, a next generation rail that will support Hong Kong’s development as an economy and as a society. In 2017, our services were again amongst the safest and most reliable in the world. We continue to gain a deeper understanding of our customers to allow us to plan ahead and devise enhancements to our services, as outlined in our 2030 Customer Experience Vision Blueprint. To support the Belt and Road initiative, the MTR Academy shall play a strategic role in promoting the export of Hong Kong’s railway industry skills and knowledge. Our Challenges • Express Rail Link opening in the third quarter • Safety of project interfaces: of 2018: ensure a smooth transition from project completion prepare for passenger service commissioning to operations in order to ensure the safety of all and provide efficient and reliable high-speed rail concerned journeys to the public by the third quarter of 2018 • Workforce transition and digitisation: • Managing major asset upgrades and deliver extensive training to our railway operations replacements: employees relevant to the innovative technologies carry out required major asset upgrades and we are introducing replacements without compromising our service performance or the customer experience Our Strategies • Safety First, Excellent Service: • Customer Engagement and Experience: cultivate our robust “Safety First” culture. Equip staff understand and deliver what matters most to our with clear guidelines and sound training regarding customers, enhancing the travelling experience and operations and customers. Continue to raise meeting the needs arising from an aging population customers’ safety awareness and service digitisation • Maintaining Very High Performance Standards: • Staff Development: maintain world-class levels of service performance treat people as our most valuable asset, be that exceed the targets set out in the Operating committed to inspire, engage and develop our Agreement and our own more demanding employees while continuing to offer long-term, Customer Service Pledges. Continue our stringent rewarding careers in various disciplines maintenance regime, investing significantly in • MTR Academy: renewing and upgrading our railway assets aim to become a globally recognised railway management and engineering centre of excellence providing programmes for our staff, Hong Kong and the global railway industry Annual Report 2017 39 BUSINESS REVIEW HONG KONG TRANSPORT OPERATIONS EBITDA HK$7,475m 2.1% EBIT HK$1,656m 35.6% 40 MTR Corporation FINANCIAL PERFORMANCE Year ended 31 December In HK$ million 2017 2016 Inc./(Dec.) % Overview Hong Kong Transport Operations Total Revenue 18,201 17,655 3.1 Operating profit before depreciation, amortisation and variable annual payment (“EBITDA”) 7,475 7,633 (2.1) Operating profit before interest and finance charges and after variable annual payment (“EBIT”) 1,656 2,572 (35.6) EBITDA Margin (in %) 41.1% 43.2% (2.1%) pts. EBIT Margin (in %) 9.1% 14.6% (5.5%) pts. Total revenue of the Hong Kong transport operations 2017/2018 was rolled over to 2018/2019. The opening rose by 3.1% to HK$18,201 million in 2017, benefiting of the two new lines, as previously highlighted, has Business Review and Analysis mainly from the growth in patronage. EBITDA increased the depreciation and amortisation charges decreased by 2.1% to HK$7,475 million, mainly due significantly, resulting in EBIT decreasing by 35.6% to to increases in staff costs, while fare adjustment for HK$1,656 million. SAFETY Corporate Governance Safety is an absolute priority for MTR and in 2017 there Programmes to enhance safety on escalators were 5.5% fewer reportable events on the Hong Kong continued, while a Platform Gap Special Task Force heavy rail network and light rail network than in 2016, was formed to look into improving relevant safety another excellent performance. performance further. Trial of a new “Platform Gap” safety Our “safety first” culture was well demonstrated by label commenced at Kwun our response to the arson attack on one of our trains Tong Station and was on 10 February 2017. The Executive Review Panel subsequently extended to we set up to investigate the incident concluded Admiralty, Wan Chai and Financials and Other Information that its handling had been robust, orderly, speedy Causeway Bay stations. and effective. The panel’s report was submitted to Government on 25 April 2017 and contained various initiatives to raise public awareness and enhance risk management. Several programmes to strengthen customers’ awareness about fire safety and improve their knowledge of station evacuation procedures were launched in 2017. In addition, more portable fire extinguishers were installed in stations. Annual ReportReport 2017 41 BUSINESS REVIEW HONG KONG TRANSPORT OPERATIONS PATRONAGE AND REVENUE Fare revenue figures from our Hong Kong transport operations are as follows: Year ended 31 December In HK$ million 2017 2016 Inc./(Dec.) % Fare Revenue Domestic Service 12,840 12,395 3.6 Cross-boundary Service 3,277 3,252 0.8 Airport Express 1,076 998 7.8 Light Rail and Bus 707 707 – Intercity 135 137 (1.5) Total Fare Revenue 18,035 17,489 3.1 Our patronage benefited from the stronger economy and the Service to Lo Wu and Lok Ma Chau saw patronage decrease opening in 2016 of the two new rail lines. Total patronage for all by 0.6% to 112.5 million, mainly as a result of continued strong of our rail and bus passenger services increased by 2.6%, for the competition from other modes of transport. Patronage on the first time surpassing 2,000.0 million passenger trips per annum. Airport Express rose by 3.0% to 16.6 million, supported by an increase in air passenger traffic. For the Domestic Service (comprising the Kwun Tong, Tsuen Wan, Island, Tung Chung, Tseung Kwan O, Disneyland Resort, Average weekday patronage for all of our rail and bus East Rail (excluding the Cross-boundary Service), West Rail, passenger services in Hong Kong in 2017 rose by 3.0% to 5.76 Ma On Shan and South Island lines), total patronage reached million. The Domestic Service, which accounts for the majority 1,637.9 million, a 3.2% increase over 2016. The Cross-boundary of this patronage, reported a 3.6% increase to 4.77 million. 42 MTR Corporation Market Share of Major Transport Operators in Hong Kong (Percentage) Overview 2.3 2017 13.7 2.4 10.2 13.9 10.7 48.4 49.1 MTR KMB 24.6 Other buses Green minibus 24.7 2016 Trams and ferries Business Review and Analysis Market Share of Major Transport Operators Crossing the Harbour (Percentage) 3.4 2017 Corporate Governance 27.0 MARKET SHARE 3.6 27.8 The Company’s overall share of the franchised 68.6 69.6 public transport market in Hong Kong in 2017 was 49.1%, compared to 48.4% in 2016. MTR Within this total, the share of cross-harbour Buses traffic was 69.6%, compared to 68.6% in 2016. 2016 Ferries Financials and Other Information Competition from other modes of transport reduced our share of the Cross-boundary business from 51.2% to 50.8%. Our market share to and from the airport increased marginally from 21.4% to 21.5%. Annual Report 2017 43 BUSINESS REVIEW HONG KONG TRANSPORT OPERATIONS Passengers and Fares Fare Trend 22 2,200 1,400 2,000 HK Payroll Index 20 2,000 (avg. 7.2% 18.0 1,200 18 1,800 growth p.a.) 16 1,600 Number of 1,000 Composite 14 1,400 Passengers Consumer (million) 800 Price Index 12 1,200 (right scale) (avg. 4.2% 10 8.97 9.02 1,000 growth p.a.) 8.24 8.44 8.64 600 8 800 Fare Revenue (HK$ billion) Average Fare 6 600 (left scale) 400 (exclude Airport 4 400 Express and Average Fare 200 Intercity Service) 2 200 (HK$) (avg. 3.9% 0 0 (left scale) 0 growth p.a.) 2013 2014 2015 2016 2017 1980 1990 2000 2010 2017 FARE ADJUSTMENTS, PROMOTIONS AND CONCESSIONS Our fares are governed by the Fare Adjustment Mechanism • Rebate linked directly to business profit. A 3% rebate is (“FAM”), which is subject to regular review. On 21 March 2017, being offered for each Octopus trip for at least six months we announced that the early review of the FAM, conducted each year from 2017/2018 to 2022/2023. This will be done jointly with Government, had concluded, resulting in revised by topping up where necessary the concession amount arrangements designed to benefit all passengers, whilst set aside in accordance with an enhanced Profitability- ensuring the financial sustainability of the Company. During Linked Arrangement and Service Performance-Linked the review process, we listened to the opinions of different Arrangement. The rebate for 2017/2018 ended on 17 stakeholders, including passengers and shareholders. Two December 2017 important pillars of the FAM remain unchanged, namely In addition to the above two new features, a new discount the FAM formula itself and the “direct-drive” nature of the of HK$0.3 for interchange between MTR and 500-plus GMB formula’s application.
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